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2 <br />WHEREAS, the new fire station would be owned and operated by the Board to serve the <br />three contract cities of Arden Hills, North Oaks, and Shoreview. <br /> <br />AGREEMENT <br />NOW, THEREFORE, in consideration of the mutual undertakings herein expressed, the <br />City of Shoreview, the City of Arden Hills, and the City of North Oaks agree as follows: <br /> <br />1 Lake Johanna Fire Department Headquarters Board <br />1.1 Composition. The Board shall be made up of four total members. Two members <br />shall be City Councilmembers from the City of Shoreview. One member shall be a City <br />Councilmember from the City of Arden Hills. One member shall be a City <br />Councilmember from the City of North Oaks. <br /> <br />1.2 Quorum. To approve any act, the proposed action must receive at least 3/4 ths vote. <br />Quorum shall be 3 Board members. <br /> <br />1.3 Bylaws. The Board shall pass Bylaws at the earliest possible time. <br /> <br />2 Agreement between the Parties <br />2.1 Land Transfer. This Joint Powers Agreement is contingent upon Lake Johanna Fire <br />Department transferring the Property to the Board. <br /> <br />2.2 Cost share and ownership interest. The cost share formula will be used to allocate <br />each City’s ownership interest in the Property and any improvements thereon, which is <br />currently defined as 25% population, 25% households, 40% fire calls, and 10% assessed <br />value. <br /> <br />2.3 Bond issuance. At the time financing is needed for the construction of a new station, <br />the financing will be provided by one of the two following methods: <br /> <br />To the extent as authorized by law, the Board shall have the authority to independently <br />issue bonds or obligations and use said proceeds to carry out the purpose of this <br />agreement, construction of the Project. Said bonds or obligations may be issued in <br />accordance with the express authority granted by the City Councils of each Party. <br /> <br />Unless otherwise unanimously agreed upon, in the alternative, one of the cities will <br />provide financing for the cost to construct a station, including any costs associated with <br />the financing, and each city will annually reimburse the financing City for their portion of <br />the debt service payment based on the cost share formula. Should a station be <br />constructed in the allotted timeline for reimbursement of the land acquisition costs, the